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Canadian Tire reports sales up from year ago, raises quarterly dividend

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A Canadian Tire store is shown in Levis, Quebec on Monday, May 9, 2011. Canadian Tire Corp. raised its quarterly dividend by 38 per cent as it reported its third-quarter profit edged higher.THE CANADIAN PRESS/Jacques Boissinot

TORONTO – Canadian Tire Corp. raised its quarterly dividend by 38 per cent as it reported its third-quarter profit edged higher.

The retailer says it will begin paying a quarterly dividend of 90 cents per share next year, up from 65 cents per share.

The company made the move as it reported a profit attributable to shareholders of $176.6 million or $2.59 per diluted share in its latest quarter.

That compared with a profit attributable to shareholders of $176.4 million or $2.44 per diluted share a year ago when it had more shares outstanding.

Revenue increased to $3.30 billion, up from $3.13 billion a year ago.

In addition to its namesake stores, Canadian Tire (TSX:CTC) also owns Mark’s and FGL Sports, which operates Sport Chek, Hockey Experts, Sports Experts, among other stores.

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